Middle East Economic Survey
VOL. XLVIII
No 27
4-July-2005
WTI Tops $60/B On Iran Concerns Before Stockbuild Triggers Decline
WTI reached a new high of $60.95/B and Brent peaked at $59.59/B in trading on 27 June. A buying spree by speculators expecting continuing tight markets was exacerbated by concerns for Iranian oil exports after the country on 24 June chose hardliner Mahmoud Ahmadinejad as its next president. The vote re-established Iran alongside Iraq, Venezuela and Nigeria as countries to be...
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